Introducing Velas: The High Performance Blockchain

Velas has the highest performance among all the existing blockchain platforms

Velas blockchain endeavors to provide a faster, cheaper, and more usable blockchain ecosystem for daily use. One of the most significant achievements by Velas is that it has removed some of the limitations faced by the current blockchain technology, such as low performance, instability, and high fees. In addition, Velas network provides the technical infrastructure for decentralized projects and escorts them into a smooth launching by supporting capital, marketing, and operation strategies. 

The Velas blockchain offers the fastest EVM chain to compete with Ethereum 2.0. The Velas team created the project with a firm belief in the core values of blockchain and a vision for Web3.0. They want to develop and integrate technology products and services, positively impacting lives across the globe.

Use case on Velas blockchain

Velas aims to provide a blockchain platform for thousands of applications and services across industries. Therefore, the team has always put safety and efficiency at the foundation in the technology development process. To have a comprehensive understanding of the Velas ecosystem, let’s explore some of the use cases on the Velas blockchain.

  1. Token swapping with WagyuSwap

WagyuSwap is the first decentralized exchange (DEX) on the Velas blockchain. Thanks to the cutting-edge technology of Velas, users can enjoy much lower transaction costs than Ethereum, Bitcoin, and Binance Smart Chain when using WagyuSwap. Currently, there is over $6 million staked in WagyuSwap, with the number of monthly active users exceeding 1,500. 

  1. Social media with BitOrbit

Bitоrbit is the first project in the Velas ecosystem. The privacy-focused social media network enables content creators to monetize their content without intermediaries. With a built-in cryptocurrency wallet, users can patronize the influencers directly. Furthermore, micro apps will allow content creators to build their own commercial projects and proactively engage with their customers by providing high-quality content and products. Most importantly, Velas safeguards the privacy of all the communication and interaction on the platform. 

  1. Full support for DeFi, NFTs, and more 

Thanks to integrations with Etherscan, Chainlink, Asset bridges and many other great applications built on Ethereum, Velas is transitioning to a phase of rapid ecosystem expansion. It means that everything developed on Ethereum or an EVM blockchain can efficiently run on Velas: Defi services, NFT platforms, DEXs, games, etc. The chart below shows the versatility of Velas.

Advantages over competitors: faster and cheaper

Velas focuses on overcoming the issues of current blockchain technology, providing a solution emphasizing scalability and cost-efficiency without compromising on decentralization. The table below demonstrates an intuitive comparison between Velas and its competitors.

Built to deal with high concurrency

First, the team decided to build on Solana’s code due to the reliable features of Solana. Second, developers integrated the EVM, allowing Ethereum-based projects to be deployed on Velas in under 5 minutes. In addition, Velas’ high-performance protocol leaves the competition far behind. Potentially, the revolutionary technology of Velas can achieve breakthroughs in time structure, transaction processing mechanism, and highly efficient consensus model. As a result, Velas can easily handle 50,000+ transactions per second.

Furthermore, the layer-1 nature of Velas means the network’s performance is achieved without using off-chain or layer-2 solutions. In this case, it eliminates the problems such as mass exit and other risks associated with layer-2 networks. Therefore, while other blockchains have to develop and update software to increase network capacity, Velas is free from such limitations. The Velas software is designed with good completeness. It means when facing scalability issues, Velas only needs to solve hardware problems, such as hardware speed. In this regard, hardware performance upgrade is relatively more straightforward than software optimization.

Transaction fees are almost zero

Compared to other blockchains, Velas offers almost zero fees. For example, in Velas you can make 100,000 transactions for just $1. For the same number of transactions in the Ethereum network, with an average fee of $6 per transaction, you would have to pay around $600,000. 

Grant program

The project team has launched a $100 million grant program for developers and teams built on top of the Velas blockchain to fuel the Velas ecosystem’s growth and expansion. The grant aims to support the core values of Velas, such as building an inclusive and diversified ecosystem. In other words, Velas puts the team’s core value into action by filling in the gaps of the ecosystem and the broader crypto world, focusing on DeFi, decentralized exchanges, NFT platforms, and games.

To apply for the grant, startups should provide complete information about their project, a roadmap, and a vision of how their project will contribute to the Velas ecosystem. Teams that are selected for the grant program will receive full marketing and technical support and the opportunity to participate in the Velas IDO.

Launchpad 

The ultimate form of the Velas ecosystem will take a wide variety of projects. Velas positions itself as a unique place for collaboration. Velas can’t wait to paddle into the wave of innovation and use it to drive the network to an ever-greater level.

To make this happen, Velas has its own launchpad designed to scale new blockchain startups and cryptocurrency projects. It offers a full range of services, including incubation, grant programs, marketing, and IDO support. Velas is an ideal professional partner for all teams, entrepreneurs, and sole developers around the globe.

Velas token

The native token of Velas blockchain is VLX. Its primary purpose is to power the network and serve as the payment currency for running programs and conducting transactions. Velas tokens are available on various exchanges, including PancakeSwap, Uniswap, Gate, and Kucoin. Further adoption will be obtained as the Velas ecosystem expands. 

Basic VLX metrics:

  • Total supply – 2,229,737,314 VLX
  • Circulating Supply – 2,223,461,795 VLX
  • Inflation rate – 8% annually.

Conclusion 

Velas focuses on a deep exploration of cutting-edge blockchain technology. At the same time, the team is pragmatic and dedicated to developing and implementing the most practical decentralized service solutions. 

Velas is committed to the ambition of serving businesses of all types around the world. Currently, there are over 40 projects in the pipeline, and 9 have already gone live on Velas. In essence, it is the strongest proof that the strategic design of Velas ecosystem has resonated with many projects. Without any doubt, the Velas ecosystem will create uniqueness in the fierce competition of blockchain.

To start working with Velas, you are welcome to visit the official website.

More about Velas

Website
Whitepaper
Grants Program
Facebook
LinkedIn
Twitter
Telegram Announcement
Telegram Community
Instagram
Discord
YouTube
Medium

Disclaimer — This is a sponsored article. DappRadar does not endorse any content or product on this page. DappRadar aims to provide accurate information, but readers should always do their own research before taking action. Articles by DappRadar can not be considered as investment advice.

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